What type of information?
XBRL taxonomies can be developed for various reporting areas reflecting specific of exchanged information defined in the legal acts.
How to define it?
Depending on the purpose of the exchanged information, XBRL taxonomies may be developed in different way, each time following best practices of the data architecture
Who is it for?
Electronic data dictionaries can be developed for purposes of various types of users, supporting internal reporting, such as consolidation of the company financial accounts, or external (supervisory) data exchange.
Why to use it?
XBRL taxonomies consitute important part of broader mechanisms established for a such purposes like capital market transparancy, financial sector stability. It supports automatization of data exchange.
“Traditional” financial reporting based on IFRS, US GAAP, IPSAS, national GAAP. Public insitution reporting for purposes of national budget. Sector specific (e.g. coal and mining, fishing, transportaion) reporting.
Basel II, CRD IV/CRR, Solvency II, BSI-MIR, IFRS or country specific based reporting of credit institutions, insurance undertakings and other non-financial entities (e.g. broker offices). Balance of international payment related information.
The Global Reporting Initive (GRI) based social, environmental, and governance perfomance sustainability reporting. Manufactured, intellectual, human, social and other capitals of the Integrated Reporting (IR).
Data Point Model (DPM) based reporting suitable especially for supervisory purposes of finacial (banking, insurance) sector. Broadly used by European Banking Authority (EBA), European Insurance and Occupational Pensions Authority and European and Asian national supervisory authorities.
XBRL based reporting based on the International Taxonomy Architecture (ITA) suitable for defining scope of financial reporting frameworks for purposes of the securities and exchange commissions.
General Ledger (GL) based data architecture suitable for defining data exchange frameworks of low level transactional information.
Banking, Insurance, Capital Market supervisors. Central Banks, Business Registers, Tax and Statisical Offices, non-fincial sector supervisory authorities. National budget monitoring institutions.
Listed companies preparing company specific extensions for purposes of market and securities authority. Large holdings and capital groups consolidation individual financial statements from numerous entitites
Non-government institutions collecting financial and non-financial information from different sources (e.g. listed companies, micro finance insititutions) providing value added information for purposes of market transparency.
Implementation of XBRL taxonomies for purposes of collection, dissemination and analysis of financial performance of listed companies. XBRL provides mechanism for automatisation of information exchange between securities issuers and investors.
XBRL as technical layer of data information exchange for purposes of financial and non-financial market supervision. Explicit and coherent information reported in this format provides one of fundaments for ensuring stability of the market.